FTX Japan announced through a blog mail that they will resume withdrawals of fiat and cryptocurrency assets for their customers. According to the statement, the Japan-based subsidiary will allow customers to withdraw their funds from February 21.
like announce By the FTX subsidiary in late December, customers can only withdraw their funds through an account with Liquid Japan, a crypto exchange licensed under the Japanese Payment Service that FTX acquired in February 2022.
To proceed with withdrawals, clients who have funds in their FTX Japan account will need to confirm the balance of their funds and transfer them to their Liquid Japan account. Customers who do not have a Liquid Japan account will need to open an account before transferring assets.
In addition, FTX Japan subsidiary mentioned that it sends emails to eligible clients regarding process details and steps to follow to withdraw their funds. Due to the large number of customer requests, the process may take an unknown amount of time to complete. FTX Japan concluded:
Please note that due to the large number of requests from clients, it may take some time to complete the withdrawal process. We will announce the resumption of other FTX Japan services as soon as possible.
After the FTX disaster in November 2022, FTX Japan delayed the withdrawal of crypto assets and fiat currencies. Clients of failed cryptocurrency exchange FTX have been unable to access their funds worldwide since the company and its trading arm, Alameda Research, filed for bankruptcy and halted customer withdrawals.
Will Other FTX Affiliates Return Withdrawals?
Failed cryptocurrency exchange FTX, valued at over $32 billion and with more than 1 million customers, has appointed John J. Ray III as its new CEO to recover liquid assets, including cash, cryptocurrencies, and securities. However, many FTX customers wonder how much or if any of their money will be returned.
The exact duration of the bankruptcy process remains uncertain. However, it may take several years for traders and clients of failed exchange services to receive answers regarding the missing funds.
FTX Japan may set an example for other FTX affiliates with regard to customer withdrawals. in In the meantime, FTX investors around the world can wait for more news from the failed exchange and its new management.
Bitcoin continues to attempt an upward breakout that is facing a huge resistance area at $25,000. BTC is trading at $24,850 at the time of writing, with a gain in the last 24 hours of 1.3%. In the seven-day timeframe, Bitcoin managed to gain 14.1%, and in the last 30 days, Bitcoin is up 9.4%, with a rally to $27,000 expected as the next resistance target.
Featured image from Unsplash, chart from TradingView.
